Question

Which of these is correct as it relates to classification, type, normal balance, financial statement, permanent...

Which of these is correct as it relates to classification, type, normal balance, financial statement, permanent or temporary, closed or not closed, adjusted or not adjusted, type of adjusting entry, account classification combination, and on a post-closing trial balance (PCTB) or not for the account Accumulated Depreciation?

Group of answer choices

D. Asset, Contra Long-term Asset, Credit, Balance Sheet, Permanent, Not Closed, Adjusted, Prepaid Asset, Expense&Asset, and on PCTB

None of these

Asset, Contra Asset, Debit, Balance Sheet, Permanent, Not Closed, Adjusted, Prepaid Asset, Asset&Expense, and on PCTB

Asset, Contra Long-term Asset, Credit, Balance Sheet, Permanent, Not Closed, Not Adjusted, Prepaid Asset, Asset&Expense, and on PCTB

Asset, Contra Long-term Asset, Credit, Balance Sheet, Permanent, Not Closed, Not Adjusted, Accrued Expense, Liability&Expense, and on PCTB
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Homework Answers

Answer #1

Accumulated depreciation is a contra asset account, when offset against the cost of asset results in assets net book value. As a contra asset it has a credit balance. The accumulated depreciation is adjusted due to expense of depreciation

Thus, accumulated depreciation is an

Classification Asset
type Contra long term asset
normal balance Credit
Financial statement Balancesheet
Permanent or temporary Permanent
Closed or not closed Not closed
Adjusted or not adjusted Adjusted
Type of adjusting entry Prepaid asset
Account classification combination Expense & asset
On PCTB or not on PCTB

Ans: option I

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